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Articles: Time Pass | A poem on Currency
- Prof. 00782 Maverick
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The sound of the rising Indian currency is not music for the economy
It climbs sky high, scraping exporters' knees
The view brings them tears
With dollars waltzing to the reserves
As investment opportunities open up all the way.
And despite the grief it brings to the economy
The Reserve Bank of India does seem to have blinkers on
Even raising interest rates on the way
It does not behave so doggedly always
Though its pull on the economy is for real
It follows a disciplined path usually
Except when inflation raises its fear.
Hate to have to say it
But economists very firmly feel
A strong rupee is not an asset to the country
Though there are those who would say on its behalf
A strengthening rupee makes importers laugh
How do you solve the problem of the red-hot rupee?
How do you catch a flying currency and pin it down?
How do you find a solution that would spell stability?
A free float! Soft interest rates! Or more controls!
Many a thing you know we'd like to tell the central bank
Many a thing it ought to understand
But how do you make the powers-that-be listen
To all that you have to say?
How do you invite foreign investment and not let the rupee hurt?
Oh, how do you solve a problem like the runaway rupee?
How do you hold on to the export edge in the US?
Is the central bank confused?
Out of focus and bemused?
Does it know exactly where it wants the rupee to go?
Unpredictable as weather
Flighty as a feather!
It was all planned!
It was unexpected!
It was inevitable!
The dollar is to be blamed
Driving currencies out from their nest!
With the US economy in a whirl...
Will there be a recession?
Is the Fed scared?
The dollar is a riddle!
It is not!
It is a headache!
It is a foil!
It is just but a mirror of global liquidity
How do you solve the problem of the rising rupee?
How do you increase supplies to pin prices down?
How do you spur growth and keep inflation in control?
Choking up liquidity?
Banning commodity futures?
Cutting import duties?
Many a thing you know you'd like to tell the finance minister
Many a thing he ought to understand
But how do you make him stay
And listen to all you say
Strengthening the rupee to keep trade deficit down is wrong!
Oh, how do you solve a problem of the appreciating rupee?
How do you not let software stocks slip from your hand?
(With apologies to all the singing nuns in The Sound of Music)
Universal vision: To Live, To Love, To Learn, To Leave a legacy.
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